DEVON ENERGY CORP/DE DVN
Founded in 1971 and publicly held since 1988, Devon (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and NGLs. Our operations are concentrated in various onshore areas in the U.S. Our principal and administrative offices are located at 333 West Sheridan, Oklahoma City, OK 73102-5015 (telephone 405-235-3611).
Our business strategy is focused on delivering a consistently competitive shareholder return among our peer group. Because the business of exploring for, developing and producing oil and natural gas is capital intensive, delivering sustainable, capital efficient cash flow growth is a key tenet to our success. While our cash flow is highly dependent on volatile and uncertain commodity prices, we pursue our strategy throughout all commodity price cycles with five fundamental principles.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.79B | $15.92B | $15.14B | $19.83B | $13.75B | $4.67B | $6.67B | $8.44B | $3.51B | $2.77B |
| Cost of revenue | — | — | — | — | — | — | $2.81B | $4.32B | $3.56B | $2.82B |
| Gross profit | — | — | — | — | — | — | $3.86B | $4.12B | -$46.0M | -$49.0M |
| SG&A | $492.0M | $500.0M | $408.0M | $395.0M | $391.0M | $338.0M | $475.0M | $574.0M | $645.0M | $733.0M |
| Total operating expenses | $14.51B | $13.00B | $11.48B | $13.13B | — | — | — | — | — | $15.09B |
| Operating income | — | — | — | — | — | — | — | — | — | -$2.90B |
| Pre-tax income | $3.47B | $3.71B | $4.62B | $7.78B | $2.90B | -$3.09B | -$109.0M | $944.0M | $40.0M | -$433.0M |
| Income tax | $785.0M | $770.0M | $841.0M | $1.74B | $65.0M | $547.0M | $30.0M | $230.0M | $7.0M | $141.0M |
| Net income | $2.64B | $2.89B | $3.74B | $6.03B | $2.81B | -$2.68B | -$355.0M | $3.06B | $898.0M | -$1.06B |
| EPS, basic | 4.18 | 4.58 | 5.86 | 9.15 | 4.20 | -7.12 | -0.89 | 6.14 | 1.71 | -2.09 |
| EPS, diluted | 4.17 | 4.56 | 5.84 | 9.12 | 4.19 | -7.12 | -0.89 | 6.10 | 1.70 | -2.09 |
| Shares, diluted (wtd. avg.) | $633.0M | $634.0M | $642.0M | $653.0M | $665.0M | $377.0M | $401.0M | $497.0M | $520.0M | $507.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.38B | $811.0M | $853.0M | $1.45B | $2.27B | $2.24B | $1.84B | $2.45B | $2.68B | $1.96B |
| Receivables | $1.79B | $1.97B | $1.57B | $1.77B | $1.54B | $601.0M | $832.0M | $812.0M | $989.0M | $1.36B |
| Inventory | $336.0M | $294.0M | $249.0M | $201.0M | $114.0M | — | — | — | — | — |
| Total current assets | $4.01B | $3.43B | $3.16B | $3.89B | $4.25B | $3.26B | $3.85B | $4.44B | $4.79B | $3.77B |
| Property, plant and equipment | $25.42B | $25.01B | $19.33B | $18.11B | $15.01B | $5.39B | $8.59B | $8.46B | $14.58B | $14.28B |
| Goodwill | $753.0M | $753.0M | $753.0M | $753.0M | $753.0M | $753.0M | $753.0M | $753.0M | $841.0M | $2.38B |
| Other intangibles | — | — | — | — | — | — | — | — | $1.50B | $1.62B |
| Total assets | $31.60B | $30.49B | $24.49B | $23.27B | $21.02B | $9.91B | $13.72B | $19.57B | $30.24B | $28.68B |
| Short-term debt | $998.0M | $485.0M | $483.0M | $251.0M | $0 | — | — | $162.0M | $115.0M | — |
| Total current liabilities | $4.09B | $3.31B | $2.95B | $3.10B | $3.09B | $1.44B | $1.93B | $2.23B | $3.31B | $2.62B |
| Long-term debt | $7.39B | $8.40B | $5.67B | $6.19B | $6.48B | $4.30B | $4.29B | $4.29B | $6.75B | $10.15B |
| Retained earnings | $10.20B | $8.17B | $6.20B | $4.30B | $1.69B | $208.0M | $3.15B | $3.65B | $702.0M | -$69.0M |
| Total equity | $15.53B | $14.50B | $12.22B | $11.30B | $9.40B | $3.02B | $5.92B | $9.19B | $14.10B | $12.72B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.71B | $6.60B | $6.54B | $8.53B | $4.90B | $1.46B | $2.04B | $1.58B | $1.24B | $834.0M |
| Depreciation and amortisation | $3.60B | $3.25B | $2.55B | $2.22B | $2.16B | $1.30B | $1.50B | $1.23B | $1.01B | $1.59B |
| Stock-based compensation | $99.0M | $99.0M | $93.0M | $88.0M | $99.0M | $88.0M | $115.0M | $137.0M | $126.0M | $203.0M |
| Capital expenditure | $3.59B | $3.65B | $3.88B | $2.54B | $1.99B | $1.15B | $1.91B | $2.12B | $44.0M | $849.0M |
| Investing cash flow | -$3.39B | -$7.33B | -$3.94B | -$5.12B | -$1.57B | -$1.13B | -$1.55B | -$1.67B | -$1.23B | $787.0M |
| Financing cash flow | -$2.73B | $706.0M | -$3.18B | -$4.21B | -$3.29B | -$306.0M | -$2.06B | -$4.38B | -$173.0M | -$2.17B |
| Dividends paid | — | $937.0M | $1.86B | $3.38B | $1.31B | $257.0M | $140.0M | — | — | — |
| Buybacks | $1.05B | $1.06B | $979.0M | $718.0M | $589.0M | $38.0M | $1.85B | $2.96B | $44.0M | $28.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-067065.
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